Forsta AP Fonden Has $12.52 Million Stock Position in Manulife Financial Co. (NYSE:MFC)

Forsta AP Fonden lowered its holdings in shares of Manulife Financial Co. (NYSE:MFCGet Rating) (TSE:MFC) by 14.0% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 586,700 shares of the financial services provider’s stock after selling 95,700 shares during the period. Forsta AP Fonden’s holdings in Manulife Financial were worth $12,523,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Sigma Planning Corp grew its holdings in Manulife Financial by 2.6% during the fourth quarter. Sigma Planning Corp now owns 19,885 shares of the financial services provider’s stock worth $379,000 after purchasing an additional 498 shares during the period. Trust Co. of Vermont boosted its holdings in shares of Manulife Financial by 3.3% during the first quarter. Trust Co. of Vermont now owns 15,765 shares of the financial services provider’s stock worth $337,000 after acquiring an additional 500 shares during the period. AdvisorNet Financial Inc boosted its holdings in shares of Manulife Financial by 9.8% during the first quarter. AdvisorNet Financial Inc now owns 6,104 shares of the financial services provider’s stock worth $130,000 after acquiring an additional 543 shares during the period. Todd Asset Management LLC boosted its holdings in shares of Manulife Financial by 1.6% during the first quarter. Todd Asset Management LLC now owns 46,300 shares of the financial services provider’s stock worth $989,000 after acquiring an additional 726 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Manulife Financial by 2.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 26,060 shares of the financial services provider’s stock worth $497,000 after acquiring an additional 734 shares during the period. Institutional investors own 47.04% of the company’s stock.

Manulife Financial Price Performance

MFC stock opened at $18.24 on Friday. The stock has a market capitalization of $34.86 billion, a PE ratio of 4.90, a price-to-earnings-growth ratio of 0.73 and a beta of 1.17. The company’s 50-day moving average is $17.60 and its 200-day moving average is $19.27. Manulife Financial Co. has a 1 year low of $16.27 and a 1 year high of $22.19.

Manulife Financial (NYSE:MFCGet Rating) (TSE:MFC) last released its quarterly earnings data on Wednesday, May 11th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.05). The firm had revenue of $11.77 billion for the quarter, compared to the consensus estimate of $14.82 billion. On average, analysts anticipate that Manulife Financial Co. will post 2.5 earnings per share for the current fiscal year.

Manulife Financial Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 20th. Investors of record on Wednesday, May 25th were issued a $0.257 dividend. The ex-dividend date was Tuesday, May 24th. This represents a $1.03 dividend on an annualized basis and a dividend yield of 5.64%. Manulife Financial’s dividend payout ratio is presently 27.69%.

Analyst Upgrades and Downgrades

MFC has been the subject of a number of analyst reports. BMO Capital Markets downgraded shares of Manulife Financial from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 12th. Canaccord Genuity Group cut shares of Manulife Financial from a “buy” rating to a “hold” rating in a research note on Friday, May 13th. StockNews.com cut shares of Manulife Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, May 17th. Desjardins cut shares of Manulife Financial from a “buy” rating to a “hold” rating in a research note on Friday, May 13th. Finally, Royal Bank of Canada reduced their price objective on shares of Manulife Financial from C$29.00 to C$26.00 in a research note on Friday, May 13th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $30.33.

About Manulife Financial

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Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in Asia, Canada, the United States, and internationally. The company operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; And Corporate and Other segments. The Wealth and Asset Management Businesses segment provides mutual funds and exchange-traded funds, group retirement and savings products, and institutional asset management services through agents and brokers affiliated with the company, securities brokerage firms, and financial advisors pension plan consultants and banks.

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Institutional Ownership by Quarter for Manulife Financial (NYSE:MFC)

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